Half The Interest Challenge

boo2905

Hi All

I'm a bit of a newcomer to MSE and after having my LBM I received some brilliant advice that made me work out exactly how to clear my debts. :T

As you know in most cases interest is charged depending on the amount borrowed - in my case on my £2650 credit card I'm now paying £30.60 interest.

I was wondering if anyone fancied joining me in a challenge to half the amount of interest that you pay by Christmas 2007 - for me that means halving the amount on my credit card! :eek:

I also have a loan with repayments that include interest so this means that of the £1000 interest I will be charged overall I want to increase my monthly payments so that by christmas I will only owe £500 of the interest plus my normal loan amounts - sorry if that sounds complicated.

Would anyone like to join me or offer some tips and advice to help us all out?

Suzanne

Crown

Hi, Luckily for me my creditors have now frozen the interest on my accounts so I am unable to take part in your challenge.

Just want to wish you the best of luck though

Dr_Hook

Seems like a good idea, tempted to have a go at this. I'm currently paying £266 per month in interest :mad:, but have started shuffling and will be transferring some to a M&S 4.9% card which should save me around £20-22 per month in interest.

Getting it down to £133 by xmas seems like a tall order though and is gonna require some serious shuffling!

elantan

i love the sound of this challenge dont remember anyone else doing it ...cant join you however as i'm nearly (but not quite) debt free ...good luck in doing it

boo2905

Hi all

Thanks for the support so far - I'm feeling quite motivated ever since I calcluated and realised just how much I was paying out in interest - this included my overdraft, credit card, loan and everything else!

Dr Hook - this is part of the challenge - we may succeed, we may not but we'll definetly have a go at halving the interest and Christmas is as good a deadline as any - hopefully people will start to leave us all some good tips and we can use them to our advantage - the more people who join the challenge, the more advice we get.:j

Dr_Hook

Fair enough, count me in then!

As they say, nothing worth doing was ever easy and this is something that I wanted to do anyway - the more of my monthly payment that goes towards repaying the debt instead of paying off the interest, the better. :cool:

immoral_angeluk

Could you cheap and try and negotiate with them to lower the interest?

boo2905

I tried to neogtiate it but no such luck yet

However, because I was silly enough to get a credit card on the low wage that I am, knowing that I would struggle to pay it in the future, maybe it will teach me a lesson to pay the interest - plus with the challenge I'm hoping I'll clear it quicker! :j :j :j

Is there anyone else out there who would like to join the challenge?

boo2905

Hi

Surely there must be more people out there who fancy this challenge? There's only 2 of us so far and we both do with the motivation of a large group of people.

Anyone???? :hello: :hello: :hello:

boo2905

Well I seem to be the only one writing on here but hey - I need to to keep me sane :rotfl: !!!

I started this board yesterday and have already made my first small steps to halving the interest I pay on all my debts by Christmas which basically means chopping £1325 from my credit card, reducing my loan to £2984.64 and reducing my RBS overdraft to £250 - and if possible take some money off my student loan but we'll see about that one :rolleyes:

So my first step was to actually work out how much I need to pay of by Christmas which I did last night as you can see above.

My second step was to put some more of my clothes on ebay last night and see how they sell and then the other thing I did last night was complete the first assessment for becoming a fully fledged researcher for AQA. Here's hoping that I get through - could do with the extra money.

The challenge has started :j

Seaxwyn

HI boo

I'd love to join you but I know I wouldn't make it... I have a huge loan which I hate with all my heart but I can't see myself making any inroads into it with other debts to clear first.

However I will definitely read your thread with interest and wish you well! Hope the ebay items go well and good luck with AQA!